Blackstone arm buys Chandigarh's Elante Mall

File photoCHANDIGARH: Nexus Malls, a subsidiary of US-based global investment firm Blackstone Group, has bought Chandigarh's Elante Mall for an undisclosed amount. Sources told TOI that this could well be the second time in less than two years that Elante is making real estate history in India by striking one of the biggest single asset real estate deals.

It was in September 2015 that Mumbai-based Carnival Group had bought over Larsen and Toubro's Elante Mall for Rs 1,785 crore. At the time, the deal was considered the country's biggest ever single asset real estate deal. Although Blackstone refused to disclose financial details, sources said the fresh deal had to be significantly higher putting it in the top league of real estate deals in the country for a built-up property .

Currently, the Goods and Services Tax (GST) is levied at 12 per cent on payments made for under-construction property or ready-to-move-in flats where completion certificate has not been issued at the time of sale.